Software-as-a-Service (SaaS) startup Signalit today announced a capital investment co-led by global software investor Insight Partners and Kibo Ventures, representing a vote of confidence in the company’s strategy and leadership. With additional support from a diverse group of investors, Signalit has received a total of €11.6 million in funding.
Signalit is the first SaaS startup that allows companies to have absolute governance over their data, including analyzing and orchestrating data in real time, enhancing value through correlation and enrichment activities, and optimizing costs by reducing unnecessary data and directing each data point to the optimal platform for additional analysis or storage using Edge computing. The funds will be used to complete the product’s construction phase and undertake its expansion throughout Europe and the United States during the last quarter of 2023. The company is already working in beta mode with several large potential clients.
Signalit is founded and led by CEO Pedro Castillo, who founded Spanish cybersecurity unicorn Devo in 2011 and served as its CEO for 7 years. Today, Devo is the largest Spanish-origin technology company in cloud data analysis and security with large enterprise clients such as the Manulife, FanDuel, Whirlpool and Hard Rock. When Castillo left the company to start Signalit, Devo was valued at $2 billion (over €1.87 billion, according to the latest valuation dated July 2022).
Castillo draws on his experience at Devo and his previous cybersecurity leadership role at Bankinter to drive Signalit’s mission and vision, ensuring they align with the needs of companies to eliminate noise and excess data, increase efficiency, and reduce costs. The data orchestration market is currently valued at approximately $100 billion, with a predicted yearly growth of 40%, leading to a $500 billion valuation by 2028.
“The innovation Signalit is using to deliver this value is the result of many years of listening to and fully understanding customer needs in the data analytics space,” says Pedro Castillo, founder, and CEO of Signalit. “This has enabled us to develop truly disruptive technology that will empower our customers to orchestrate, optimize, enrich, and maximize the value of their data in real time.”